I’ve used Turbotax for about 20 years. Some years are better than others. But this new version was easy to install and get up and running. My tax return is relatively simple. The only complication this year was Social Security. Diane is collecting her full Social Security benefit while I’m collecting “Spousal Benefits.” But other than that complication, the process was quick and easy. I was done in 45 minutes. Yes, we have to pay the Feds and New York State, but not much. My goal is to break even. And, I came pretty close. I used the “Deluxe” edition which I purchased at Sam’s Club for $35 which includes the free NY State module. Have you done your taxes yet? How are you going to spend your tax refund?
I fill out the forms by hand, making my 5s look like 3s, my 9s like 4s etc. You can save a LOT of $$ that way!
Dan, you tricky devil! I’ll have to try that next year!
I used them forever too, but gave up when they did that pricing thing a couple of years ago. I don’t even remember what it was but I thought they were ripping people off. A lot of other people did, too, because they backpedaled quickly but I’d already switched to the H. R. Block software. But still, I wait to the last possible minute to file. I’m terrified of bad news but somehow every year it’s just a continuously shrinking refund. So things could be worse.
Maybe this year….
Rick, five or six years ago TURBOTAX got slow and complicated. But they fixed those problems so I’ve continued with TURBOTAX.
In 2015, our youngest children turned 17 and we lost the $1000 per child tax credit, so early last year my husband and I changed our deductions to ensure that more tax money was being paid. It worked and we ended up with a small refund. I do not like to get a big refund because it means I’ve been paying too much. Like you, I prefer to break even.
Deb, be sure to check out any College tuition deductions next year. New York State offered student deductions on state taxes which we took advantage of.
We will do ours a few days after we get home. We also aim to break even and usually end up a little ahead. I think we paid a few bucks to the Feds last year and got back from NY State.
Jeff, break even on taxes is the Smart Strategy.
I turn my stuff over to an accountant and am happy to do it that way. Sometimes I get a refund, sometimes not. This year looks like definite yes.
Bill, good tax accountants are worth their weight in gold!
Like Bill, we turn ours over to the tax accountant, who we’ve been using since we moved to Oregon six years ago. Oregon tax law is damnably complicated and I have an out-of-state pension. I don’t understand the idea of waiting until the last minute to file. If there’s a return (unlikely if deductions are set up right) then get it, if a payment, the amount “saved” by waiting is likely only a dollar or two. So we get it done and move on.
Rick, usually I do our taxes around Presidents’ Day. But this year was a little bit different.
I have an accountant. I have extra money taken out so I always get a refund. The reason I do this is to avoid paying quarterly taxes. I remember a friend struggling every quarter in retirement to pay them, and searching for coins to buy milk and cereal the last week of some quarters. I’ll continue doing that until after the first time I file when I get a full year of Social Security. I also have a portion of my refund applied to next years taxes, and a smaller portion refunded to me. this year, the amount
I’m getting back is larger as the amount of refund due had grown. I know this isn’t the smartest way, but I really like getting the chunk of $$$ and I plan to adjust it when I get soc sec. It works for me!
Our taxes are done by an accountant.
Refunds either go into home improvement projects (stuff I can’t safely do myself) or savings for home improvement projects.
Beth, we just had some “home improvements” done. Check this blog on Saturday to see what happened.
We have to do something this year called minimum disbursements. Maybe you can explain that to me sometime. It’s going to be a mess with Phil retiring, selling and buying a house, etc. But we are buying our turbotax today. Sooner or later we will be off to jail.
Patti, the IRS forces people age 70 and 1/2 to make withdrawals from their IRAs and 401Ks, those “minimum disbursements.” And, of course, that triggers a taxable event. The IRS won’t put you in jail. But they will demand mucho dinero!
I have to do that next month.
What’s a refund!?
Bob, semi-free money. But refunds count toward next year’s taxes!
Wow, all that sounds really complicated – even worse than the European tax regimes!
And I always thought taxes were easier in the USA …
Wolf, taxes should be simple, but the “special interests” have inserted thousands of deductions into the Tax Code. U.S. taxes are too complicated and need to be revised.
I keep hoping they’ll do the value added tax (if i have that right) where everyone pays taxes on designated items. That way even drug dealers, etc. with undeclared income pay on what they buy. Of course, I feel there should be no taxes on books!!
Maggie, I’m in favor of a Government National Lottery simply to raise money instead of fiddling with the tax rates.
Throughout human history, in every time and in every place, taxes have NEVER been simple, easy, desired, or appreciated. There’s a reason Jesus was reviled for spending time with…tax collectors!
Deb, excellent point! Taxes are never simple because the Rich (who write the Tax Code) make things confusing so there are always “exceptions” to all the tax rules. It’s just a big game.